Cecilia Ibru: Senate probes N150b forfeited assets

The Senate will today begin investigation into how the over N150billion assets forfeited by the former Managing Director of the defunct Oceanic Bank Plc, Mrs. Cecilia Ibru, are being managed.

Mrs. Ibru was convicted and jailed for six months over bank and securities fraud by a Federal High Court presided over by Justice Dan Abutu, in Ikoyi, Lagos on October 8, 2010.

She was made to forfeit two aircraft worth $100 million, properties in Dubai, South Africa, London and abridged shares in listed Nigerian companies.

Also, the Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption has summoned the Central Bank of Nigeria (CBN), the Asset Management Corporation of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) to appear before it today to respond to a petition alleging that certain irregularities were perpetrated in the execution of the forfeited assists and the failed bank consolidation, it was learnt.

The committee is also interested in the recovery of assets from loan defaulters and convicted Managing Directors of the defunct Oceanic Bank Plc, Intercontinental Bank Plc, Union Bank Plc, Afri Bank Plc and Bank PHB.

According to the letter from the committee, the petition alleged that the funds and properties recovered by the EFCC were not remitted to the banks and the properties and shares were never advertised for sale nor the proceeds remitted to either the banks nor AMCON

The committee in the letter of invitation signed by its Chairman, Senator Victor Lar, noted that of particular interest to it were the assets of Mrs Ibru, forfeited under her plea bargain deal with the EFCC, which were allegedly not accounted for.

The committee’s investigative hearing would take place at the hearing Senate Room 4.38 barring last minute changes.

Also to appear before the Committee are the Managing Director of Ecobank Plc formerly Oceanic Bank, who has been directed to come along with statements of account from AMCON, Nigeria Deposit Insurance Corporation (NDIC) or CBN under the bank consolidation exercise from 2009 till date.

The MD of Ecobank is expected to also show proof of transfer of assets/shares/cash from AMCON to the bank.

The Acting Director General of the Securities and Exchange Commission (SEC), Munir Gwarzo, and the Chairman of the EFCC, Ibrahim Lamorde are also expected at the heating.

A member of the Committee who spoke in confidence with one of our correspondents confirmed the probe.

He said: “It is true that we are investigating the case. We heard that the woman (Mrs, Ibru) has reacquired all her properties which include over 60 houses overseas.

“AMCON was supposed to advertise before disposing off the assets, but we did not see any advertisement.”